New to AirBNB Advice on 2nd Home Purchase for AirBNB

[Shelley319]

Good afternoon,

My husband and I have rented on a handful occasions.  I have been in a corporate environment for several years.  My husband and I have owned businesses and are preparing for slowing down.  That said, I formerly lived in Maine (U.S.).  I now live in Missouri.  We are in the process of purchasing a second home in Maine because we are familiar with the area.  We have adult children in Boston.  Maine would be a state that I would like to explore more with my husband. 

Our thoughts are that we could use some of our savings, offer the home on Air BNB while we are not in state.  Preferably, we will find something near the coast (not right on the waterfront - too cost prohibitive).   

Here are the questions I have:

1. Any advice you wish someone would have shared with you before you bought a property?

2. Are there any specific challenges you faced while starting with Air BNB?

3. Do you own multiple properties or a single home that you rent out?

4. What are key elements we should be looking for during our search?

5. Is there a tool within Air BNB website that provides a list of restrictions by state or city in regards to Air BNB?  limitations such as minimum stays, etc.?

We are working with a realtor.  Just curious what we can expect.  What advice others would give before purchasing a home for this platform?

Thanks so much!

Shelley

[Helen3]

1. My best advice would be to use the search function here as this topic has been covered many, many times so you will find some good advice

2. you will need a local co-host, cleaner, CCTV and home insurance for short term lets 

3. you need to base your house search on something that works for you and the guests you want to target (look at comparable STRs in your chosen area for ideas and go and stay in a few when safe to do so) .

It's up to you as the business owners to check STR restrictions with the relevant local government and with the HOA if buying within one airbnb does have some outline information for Government STR restrictions in some area

read the tutorials and guides on this community and read AirbnB Help for the basics around managing your STR business through Airbnb.

not sure what you mean by asking how things work with a realtor - it's like buying any other property 

[Shelley319]

Thank you.  

[Ann72]

@Shelley319  @Helen3 made some good points.  As someone who hosts remotely in Maine, I support your decision!  Maine is always popular in the summer and has become even more so because of the ease of finding stand-alone or remote vacation cottages in which to stay while the pandemic carries on.

Once you get your property, spend some time living in it and getting to know all about the house before you list it.  Make sure it's furnished comfortably and has everything you would need when staying there, but keep the clutter down and ensure guests have clear surfaces, empty drawers, and places to hang clothing.  Develop a list of reliable service people that you, your caretaker, or your housekeeper can call upon as needed.  Maine has its own version of Murphy's Law:  If something you never even imagined can go wrong, it will.  But Mainers know how to fix it.

Just choose a place that you and your husband fall in love with, update or renovate as needed to make it a home you want to stay in, and guests will be happy to come there.  But again, don't plan to list it and go away until you have a solid team in place on the ground.

[Shelley319]

Ann, 

Thank you.  I lived, worked, and raised kids in Maine for 18 years.  I am fairly familiar with the area. But my husband did not live there. So we are excited to get back in that area again.  Residents can be endearing or quirky about people from "away" so that brings unique challenges.  

I appreciate your feedback on staying in the home and getting comfortable with it before renting it out.  Wise.  

Living in Maine and offering a property here, when you say remote, I assume you mean in the county or near Katahdin.  We have been looking Belfast - Wiscasset.  Considering Sebago area.  What has your experience been with renters? Are they mainly coming from New England or further?  Typically with a 7 day stay or longer?

I appreciate your feedback!

Shelley

[Shelley319]

@Ann72 I read your advice again and realized now that you meant you are in NY hosting remotely to Maine!

[Ann72]

@Shelley319  I understand your confusion!  It was Airbnb lingo, not Maine geography lingo 🙂

When I started I thought people would rent for the typical Sunday-Saturday Maine vacation rental.  But that isn't the case at all.  People come from all over and stay for 2 nights, 5 nights, a week, a month...there is no pattern at all.  The one thing they have in common is love of Maine - either because they've been there before or because they've always wanted to go there.  Give a guest a few days in Maine and they have very few complaints about anything.

I don't know when you last spent time in Belfast, but it is really lively and I think it would be so much fun to run an Airbnb around there.  It's like what Portland was like before Portland was overrun with hipsters from Brooklyn.  And of course Wiscasset is tied with Damariscotta for the most picturesque village in Maine.

I know what you mean about being from away, and your Maine background will be helpful!  Sometimes my housekeeper makes the service calls for me and lays the Maine accent on thick to get something done fast 😂   But I get on fine with them, too.

Excited for your new adventure!

[Shelley319]

@Ann72 

The last time I was in Belfast was 2 years ago.  My father is buried in Palermo, Maine (halfway between Belfast and Augusta) on Route 3.  I have so many pictures of the tugboat and remembered the bar on the corner where you could play Scrabble until all hours. And the baker with Mimosas on monther's day!  I lived in South Paris, Palermo, and Augusta while I was there. We had a cottage on Peaks Island.   So pretty familiar with most of the state.  Lincolnville and  Reid State Park are tired for my favorite place on earth. And I agree with you, I prefer the old working waterfronts with art scene.  Portland has definitely changed. I almost didn't recognize it with all of the new sky rise apartments downtown.  Still has the whale wall and the back bay is accessible!

Thank you for the information on how people are renting.  That is extremely helpful.  Because of Maine's remote areas what advice would you share  for housekeeping, etc.  Would you recommend a property rental management company everything or do you think hiring a reliable cleaning service would be adequate?  I think I can find on call HVAC, maintenance, etc. with some confidence.  Now I say that, I may be jinxing myself!

I have no Maine accent as I have been in the Midwest for too long!  

Thanks so much!

Shelley

[Ann72]

@Shelley319  That is my exact route!  After Augusta, I drive straight along route 3 to the Blue Hill Peninsula, going through Palermo and Belfast and turning after the bridge in Bucksport.  I also love Lincolnville and Lincolnville Beach.  Usually when I get to my peninsula, I never leave it until it's time to go home, but I've been branching out recently and visiting my cousin in Belfast and fellow host @Emilia42 in Orono.  My daughter and I even drove out to Quoddy this fall.

All my guests and all of Emilia's guests love to go to Acadia, even though neither of us feels we're very close to it, so brace yourself for that.  People are obsessed.

As for housekeeping, there aren't any housekeeping services where I am, and I have never felt I've needed a property management company.  Remember that most of the places you're looking have a long tradition of inns and b&bs and with it a long tradition of locals working as housekeepers.  So I would find out the pay range and put an ad in the local paper saying you're looking for someone for your Airbnb team and list the pay at the higher end of the scale.  You'll get plenty of people to choose from - I interviewed ten after I was told by everyone that it was impossible to find a housekeeper at all.  You're looking for someone who ideally has inn or hotel or motel experience - someone who has experience keeping an eye on supplies and turning over a place in time for a specified check-in, as well as experience working for and with others.  Too many private housekeepers are under the illusion that they don't work for anyone, since they often work alone.  They are therefor not good at taking direction.  🙂

Too bad about the Maine accent, deah!

[Emilia42]

@Shelley319 I hope this works out for you! As you probably know, Maine is real seasonal. If you are looking to turn a good profit on this Airbnb you will make a large majority of your income in July, August, September, and October. It is always good to max out this timeframe but of course, that means less of the-best-time-to-be-in-Maine for yourself. As @Ann72  mentions, everyone wants to go to Acadia. I bet even those staying in Portland think they can skip over to Bar Harbor for a day. I am 1 hour and 15 minutes from the Acadia and still 90% of my guests in the summer book with me to travel back and forth. 

[Shelley319]

@Emilia42 Bless you for saying this!  My husband is not as familiar with Maine, the activity, and travel patterns.  We have had several discussions about where exactly we should be investing.  I have reiterated that people are looking for a central location.  I suggested that most people would opt for a house on the coast with a view first, once that inventory is gone, they will move to a house across the street on Route 1.  I have shared experiences of Route 1 traffic jams during peak travel times all the while cursing "the tourists from away".    I love that you described your location in time versus miles.  That is so Maine!  People in Missouri ask me for directions "in mileage" and "city blocks" all the time.  That's when I know I'm not in Maine anymore.

In your experience, are people flying in to Portland or Bangor for their Acadia adventures?  I ask, because I am wondering if the traffic on Route 1 becomes a deterrent.  

We are content with having it "pay for itself". Of course, if we find it to be successful, we may set our expectations a little higher next year.    

Thank you for your responding with your insight as well!  It is appreciated.

Shelley

[Emilia42]

@Shelley319 A majority of my guests will drive. Many come from NY and NJ. MA as well. GPS will likely tell you to continue on I95, up to Bangor and then drop down to Acadia, instead of taking Route 1. But Route 1 is a tourist attraction in itself so many people will spend the extra time.

Portland is a much larger airport than Bangor. But I think when people fly into Portland they are focused on the Portland area. There is a saying in Maine which is that people never go north. If you live in Bangor, you head south to Augusta or Portland frequently. But those who live in the Portland area would very rarely come up to Bangor. The same goes for Northern Maine. They drive a few hours south to the Bangor area all the time but I have only been no more than an hour north a few times in my life. So a central location is key.

[Shelley319]

@Ann72 I cannot tell you how genuinely appreciative I am to talk to someone that is familiar with Palermo!  It is a small dot on a big map!  I loved Bar Harbor so much. I bought my first Andrew Wyeth print there.  We are debating about adding Penobscot to our list of real estate.  My husband is obsessed with the Midcoast and close proximity to Portland.  We are backpackers though.  And want to be close enough to Baxter for weekend hikes as well.  We live in NW Missouri with zero outdoor activities. So my husband is like a kid in a candy shoppe every time we step foot in Maine.  

Thank you for the insight on the housekeeper suggestion.  I think I will heed your advice.  Does Emilia assist you with your listings?  Or are you relying solely on your cleaning staff to advise you when something needs attention?

Again, I appreciate your openness.  And generosity in sharing your experience.

Shelley

[Ann72]

@Emilia42 is a host in her own right with three listings to her name.  (You can click on a person's name and then click through to their Airbnb profile to see their listings.)  My cleaning staff is named Patty and she and I are in constant contact.  🙂

[Laura2592 · Accepted solution]

@Shelley319  this is a hot topic of late with low interest rates. Here is a thread where I go through lots of considerations on buying a remote STR. Other hosts have also chimed in with great advice. 

https://community.withairbnb.com/t5/Hosting/Buying-a-remote-property-to-use-as-STR-things-to-be-awar...